4 key things you should do to rebound after a layoff - Rickey J. White, Jr. | RJW™
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4 key things you should do to rebound after a layoff

4 key things you should do to rebound after a layoff

After enjoying a candidate’s market for months, it’s unsettling to see layoffs back in the news. From Peloton to Robinhood to Shopify, dozens of large companies are reducing their workforces, leaving thousands of people looking for new jobs.

If you’re among them, the good news is that it’s still a good job market, says Ken Coleman, author of The Proximity Principle and host of The Ken Coleman Show, a daily career podcast.

“There are 11 million-plus jobs available,” he says. “There is a lot of opportunity and companies are still paying well. Focus on the fact that you have valuable skills and experience. None of that has changed. Optimism is based on reality.”

The first thing to do is to acknowledge that a layoff is personal, Coleman says. “Even though it may not have been a personal decision from the company, it really does hurt, and it is nerve-racking, scary, and confusing.

“When it happens,” he adds, “it’s important not to make a rash decision. Take 24 to 48 hours to surround yourself with family and friends. Go ahead and grieve. Get it all out of your system. Then plot your course forward.”

Leave the Door Open

The biggest mistake you can make is to burn bridges, says Andres Lares, managing partner at Shapiro Negotiations Institute. “A layoff is emotional, and you may say things that you’ll regret later,” he says. “It’s a small world, especially in some industries. Ensure a peaceful end to a working relationship with bosses [and] coworkers.”

While it sounds backward, Lares suggests having empathy for the person delivering the bad news to you. “Often, they’re not the person who made the decision,” he says. “Networking is a powerful tool, and you never know who can help you find another opportunity down the road. Also, if you’re in good standing with the company, you can apply again in the future.”

Negotiate Your Severance

You may not realize it, but your employer may be willing to negotiate your severance package as a gesture of goodwill, Lares says. What you can ask for will depend on how many people are being laid off and how long you were at the company.

If you work for a large company that’s laying off 20% of its workforce, it likely has streamlined its severance packages with little wiggle room. But if the layoff is at a 30-person company, there may be more space for negotiation, especially if the employer wants to protect its brand.

“There’s no reason not to ask,” Lares says. “If you were an exceptional employee, they may want to leave the door open and rehire you down the road.”

For example, if you’re offered a severance package of four weeks’ salary, you could request six weeks instead. Ask if they’ll extend your benefits or assist you in finding another job with career counseling, retraining, and résumé help. And if you’re part of an ongoing project, there may be a chance to negotiate a shift in roles.

“Let’s say you’re 70% done with a project, and the company has to lay people off to cut costs,” Lares says. “They may still need to get the project done. There is an opportunity to negotiate transitioning to freelance or part time to finish what you were doing.”

Whatever you ask for, do it in the moment. “You can’t wait too long,” Lares says. “As time goes on, things are put in the books and are harder to change. You’ll be battling inertia, especially if a lot of people are getting laid off.”

Then Get a Game Plan

It’s possible to view your layoff as an opportunity. You may have been thinking about going into a new field or role. A job loss can be the push you need to make the move. Ask yourself what companies or specific types of companies you would love to work for.

Research from Stanford University sociology professor Mark Granovetter found that most people get jobs from what he called “weak ties,” or acquaintances. Coleman says one of the best ways to rebound from a layoff is by turning to your connections.

“The old cocktail game Seven Degrees of Kevin Bacon becomes very real here,” he says. “You have a lot of connections through your former coworkers and friends. For example, you may know 200 people. It’s reasonable to believe that each of those 200 people know 200 people. Now all of a sudden, you have a database of 40,000 people at your fingertips.”

Let your connections know you got laid off. There’s no shame in that, Coleman says. “Take control of the narrative, telling people, ‘I’m looking for a job. This is what I do really well. This is the experience I have,’” he advises. “You’re a free agent.”

Connections can also help you get noticed. Instead of submitting an online application, an employee can walk your résumé to the appropriate person. Regardless, moving forward requires action.

“Sitting around commiserating and hoping something comes your way is where anxiety builds,” Coleman says. “It also leaves you open to getting stuck in a bad financial position. If you’re in a financial pinch, you can find a job that pays $20 an hour pretty darn easy. You could work two of those jobs to weather the storm. The person who is active very early on after being laid off is going to gain a lot more confidence.”


Source: Fast Company

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